The world is facing the biggest energy crisis in history due to the turmoil caused by the conflict involving Iran, reiterated Fatih Birol, head of the International Energy Agency.

“Oil and gas markets are facing major difficulties. The last time I checked, oil prices were above $120, which puts significant pressure on many countries,” Birol said at a conference in Paris.

“Our world is facing a major economic and energy challenge,” he added.

Brent crude prices surged today to a four-year high amid concerns that the conflict in Iran could escalate further.